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Northbank Plaza Provides New Retail Opportunities for the Local Business Community

15/02/2008

The joint venture between Charter Hall's Opportunity Fund No.4 (CHOF4) and its Core Plus Office Fund (CPOF), is pleased to announce Kwik Kopy as the first retail tenant to move into its landmark Northbank Plaza redevelopment in Brisbane's CBD. In addition, Raw Espresso Bar has taken up space in Northbank Plaza to further expand its CBD operations.

Northbank Plaza is part of Charter Hall's $550 million Brisbane CBD office development, which includes the development of 275 George Street, a 29 level, 40,000m2 office building, due for completion mid 2009. Both Northbank Plaza and 275 George Street's commercial office space has been primarily leased in a ground breaking deal to Telstra.

The newly refurbished Northbank Plaza is an A-grade building and comprises 26,000m2 over 22 levels of commercial office space with the ground floor consisting of retail and a modern commercial lobby space which will include a reception, lounge area and lobby café. Brisbane City Council's Master Plan provides the scope to revitalise the retail area of the CBD's western corridor, which will greatly benefit the Charter Hall development. Northbank Plaza's retail space has been increased from its previous design to accommodate the needs of the surrounding business community. Kwik Kopy will lease 64m2 of the prime retail space fronting Ann Street in Brisbane's CBD.

Kwik Kopy previously leased retail premises within the building, known as the Brisbane Administration Centre, prior to the refurbishment and renaming of the building to Northbank Plaza. Ashley Petfield, Managing Director of Kwik Kopy's Brisbane based operations said: "The new retail space in Northbank Plaza provides us with excellent positioning and secures Kwik Kopy coverage of the CBD market in this growing precinct".

Raw Espresso Bar, which currently operate two other premium sites in the Brisbane CBD, has announced it will open its third café at Northbank Plaza. Darren Terlich, Managing Director of the Raw Espresso Bar chain said: "The new lease presents us with an exciting opportunity to further enhance our service offering to the business community and we look forward to building on the success of our Queen Street and Adelaide Street espresso bars". The café is due to start trading in March 2008.

Charter Hall's Joint Managing Director, David Southon said "Northbank Plaza's excellent location will provide retail tenants with unparalleled retail exposure to the newly redeveloped precinct".

Charter Hall's refurbishment of Northbank Plaza commenced in February 2007 with the anticipated final completion scheduled for second quarter of 2008.

In addition to the Kwik Kopy and Raw Espresso Bar commitments, Charter Hall is currently in final negotiations with tenants for the remaining 350m2 of retail space.

The adjoining 275 George Street development has approximately 1,500m2 of retail space available for lease, which is being handled by Charter Hall's leasing team.